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Tuesday, 26 June 2012

Too Good to be True?

I just read through a jewellery-marketing free report
from a couple in Australia.It has some very
good fundamental marketing practices in the free report alone.One thing they mentioned was particularly
worth blogging about.They suggest that
you go through the different media you use and test each with an offer that’s
“too good to be true.”

In a world where people’s attention is divided 6 million
ways every day, it’s hard to see the effects of any of your advertising.You might be surprised by what you learn from
a too-good-to-be-true offer.What if you
offered something for free, and nobody even showed-up to claim it?

Let’s say you planned on spending $5,000 with a radio
station, you might try spending the first $1,000 this way: create an ad
offering for a $129 pair of earrings for $10 this weekend only for the first 10 people who come in with the
secret code-word, “gold-rush.”Your
costs should be $500 for the ad placements before and after; and $500 to
subsidize your product cost.If you
don’t get 10 people responding to the ad, you might have just saved yourself
the other $4,000 you had planned to spend with them.

If they’re lined-up 20 deep Saturday Morning to take
advantage of your generous offer, you’ve done two things.First, you’ve discovered that this particular
media reaches people and provokes action.Secondly you’ve just conditioned your market to pay attention to your
ads in case there’s another too-good-to-be-true deal.

After a promotion with successful results, you can release
your follow-up advertisement thanking those who came-in and encouraging
listeners who missed-out to keep tuned-in for the next surprise deal.Your next surprise deal doesn’t have to be as
good as the first, but don’t expect a stampede if your “promotion consists of
“10% of select items.”

Now, you can repeat the experiment with $500
worth of ads in the newspaper, other radio station, bus-benches, Coffee News or
whatever and see if the results match the first media.That’s how you establish the value of your
various media.Oh, and by the way, those
cheapskates who bought your $129 earring for $10?What if two of them become new customers for
life who each spend $10,000 with you over the next 10 years?